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Dec 24, 2012
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. >> mario monti is saying he's available to lead italy. he'll run for office in the upcoming election, but only for a party willing to push his agenda. >>> but he has competition in the form of sylvia berlusconi. he tells cnbc he feels a responsibility to run. >> feel the need to return to the political arena to prevent the country from being delivered into the hands of a leftist party. >> and the crowds are out, the stores are ringing up those sales, but u.s. shoppers may be running low on holiday spirit. and analysts say that they're spending less, as well. hi, everybody. welcome. merry christmas out there. thank you for joining us here on the show. what we're looking at today, we've got slightly quiet markets ahead of the u.s. open. what we're seeing, though, that all the markets are being called lower across the board stateside. the dow is being called a bit lower, nasdaq is being called a bit lower and the s&p 500 being called down by a bybit, as well. we saw markets coming off on friday stateside. pretty significant drops, as well, g
. >> mario monti is saying he's available to lead italy. he'll run for office in the upcoming election, but only for a party willing to push his agenda. >>> but he has competition in the form of sylvia berlusconi. he tells cnbc he feels a responsibility to run. >> feel the need to return to the political arena to prevent the country from being delivered into the hands of a leftist party. >> and the crowds are out, the stores are ringing up those sales, but u.s....
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Dec 10, 2012
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no rest for italy. banking stocks lead the ftse mib lower as political uncertainty speaks investors. economic malaise in europe, japan and the u.s. all taking its toll. and obama and boehner meet face-to-face as the clock ticks towards the fiscal cliff. >>> china's growth has recently improved. may well be on track to surpass beijing's 7.5% gdp target for the year. but november's softer than expected trade data highlights the vulnerability to riskes from abroad. joining us more now is eunice eune. how likely is it that we see china hit or surpass these growth targets given the figures showed us? >> well, people are growing concerned about just that. the trade data really highlighted a lot of the problems going forward in terms of the global demand for chinese-made goods. people were really surprised about the export data which came in at 279% growth. everybody had expected to see 9% growth which would already have been a slowdown. they were also quite surprised by the import number, which came in at zer
no rest for italy. banking stocks lead the ftse mib lower as political uncertainty speaks investors. economic malaise in europe, japan and the u.s. all taking its toll. and obama and boehner meet face-to-face as the clock ticks towards the fiscal cliff. >>> china's growth has recently improved. may well be on track to surpass beijing's 7.5% gdp target for the year. but november's softer than expected trade data highlights the vulnerability to riskes from abroad. joining us more now is...
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Dec 11, 2012
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italy has the wealth, italy has the industrialization, it has the export. italy really could make a go of it. we didn't see any productivity in the last decade. it should have made italy stronger. i personally am much more concerned about france and spain than i am about italy. >> we'll talk about those. >> let me add asking. if italy is in this situation now, it relied on the easy way out. and politicians, including berlusconi, didn't have the foresight to see that. >> thank you so much for coming by. >>> staying at the eurozone, investors will be watching for anything coming from the italian crisis. the results of the spanish bond actions are due around 12:40 cst. hsbc was hit with a $1.9 billion fine. the ceo said we accept responsibility for our mistakes and are profoundly sorry for them. >> a full year loft loss of 4.7 billion euros, thinksen krup has more details. >> they are starting to look at the positive of what i would call a -- strategy, i.e., a clean sweep when it comes to the business strategy of thyssenkrupp as well as the instruct occur and
italy has the wealth, italy has the industrialization, it has the export. italy really could make a go of it. we didn't see any productivity in the last decade. it should have made italy stronger. i personally am much more concerned about france and spain than i am about italy. >> we'll talk about those. >> let me add asking. if italy is in this situation now, it relied on the easy way out. and politicians, including berlusconi, didn't have the foresight to see that. >> thank...
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Dec 28, 2012
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especially in the case of italy. the country is fulfilling conditions of the ecb if it ever got into needed. it made the fiscal adjustment that was needed. if the country exits recession which we expect to happen next year and the growth at a potential growth rate of say 1 mers, 1.5%, with inflation under control, with interest rates back to levels which were normal for italy before the financial crisis, then all these adjustments altogether show that italy can go back on to a sustainable growth path and -- >> is that with or without berlusconi involved? because end of february are these elections. >> yes. the elections are, of course, more the campaign heading into the elections with all these noises, especially the end ecb noises that we hear from italy. that's going to cause concern that if italy does need help, how likely are they going to be to get it? in the years from 1993 to 2007 italy brought down its debt to gdp ratio to almost 100% and half of that time berlusconi is prime minister. it's not like berluscon
especially in the case of italy. the country is fulfilling conditions of the ecb if it ever got into needed. it made the fiscal adjustment that was needed. if the country exits recession which we expect to happen next year and the growth at a potential growth rate of say 1 mers, 1.5%, with inflation under control, with interest rates back to levels which were normal for italy before the financial crisis, then all these adjustments altogether show that italy can go back on to a sustainable...
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Dec 19, 2012
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and italy and spain seeing yields coming down. italy below 4.4%. you know, when it comes to the urgency with regard to italy or, say, spain asking for help, you can understand why policymakers are reluctant and probably will be until their hand is forced. spain below 5.4%. the euro dollar is stronger as is sterling. euro/dollar adding .3%. nearly 133. remarkable if you consider all that we've been through. perhaps a headwind again for the periphery that would prefer to see a lower exchange rate. meantime, also the dollar/yen one to focus on, adding about -- just about .2%, just under.2% today, 84.35 the level there. for more on what the weaker yen has been doing to support trade in the nikkei and across asia, let's get to deirdre wang morris, joining us from singapore. hi. >> reporter: hey, kelly. that weaker yen has been doing a lot to continue to fuel the rally that we are seeing in japanese equities. now another thing that it's doing is heaping pressure on the governor there. they began their two-day policy meeting today. and expectations are ve
and italy and spain seeing yields coming down. italy below 4.4%. you know, when it comes to the urgency with regard to italy or, say, spain asking for help, you can understand why policymakers are reluctant and probably will be until their hand is forced. spain below 5.4%. the euro dollar is stronger as is sterling. euro/dollar adding .3%. nearly 133. remarkable if you consider all that we've been through. perhaps a headwind again for the periphery that would prefer to see a lower exchange...
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Dec 13, 2012
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italy has a dead auction coming up later in the show. as for spain and germany, they are seeing yields drip lower this morning, as well. back across the board, the guilt down 1.82%. the euro/dollar was barely weaker the last time we checked and now it's drifting a little further. 1.3064. it's still above that level. and the dollar/yen now receding to almost flat if not a little lower on the morning. now european leaders are expected to agree on the next tranche of aid for greece when they meet today. sylvia is in brussels to follow aus of these negotiations for us. sylvia, a torturous route for greece. are they finally going to get this money? if so, what does that change. >> well, it at least gives them a bit of breathing space. it doesn't change anything in terms of the overall dismal situation of the country. there was a letter of the german finance minister yesterday, written so it is by one of the deputies to the german bundes stock where he basically said, we are ready to sign up the next package for greece. this has not been confi
italy has a dead auction coming up later in the show. as for spain and germany, they are seeing yields drip lower this morning, as well. back across the board, the guilt down 1.82%. the euro/dollar was barely weaker the last time we checked and now it's drifting a little further. 1.3064. it's still above that level. and the dollar/yen now receding to almost flat if not a little lower on the morning. now european leaders are expected to agree on the next tranche of aid for greece when they meet...
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Dec 27, 2012
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does it matter for italy? we haven't seen yields move much. >> i think the main reason, they're quite different to spain and italy. and markets ignored them. we're all fairly aware of that financing model. i think at some point next year it will probably break down. >>> president mohammed morsi has congratulated egyptians for a new constitution. in a tv address to the nation, mr. morsi said changes maybe necessary. the document is too islamist and has rejected the call for dialogue according to some. >>> a super winter storm that pounded the southeast and midwest is now pounding the northeast. the storm has created havoc on roads and at the airports and this as people start returning home after christmas. more than 1800 u.s. flights have been canceled since tuesday. makes the fact that a lot of usair line stocks were at 1 1/2 year highs yesterday. >>> a u.s. federal jury has found martel in patent violations. carnegie mellon sued marvell in 2009. the company is now hopeful the judge will reverse the verdict, b
does it matter for italy? we haven't seen yields move much. >> i think the main reason, they're quite different to spain and italy. and markets ignored them. we're all fairly aware of that financing model. i think at some point next year it will probably break down. >>> president mohammed morsi has congratulated egyptians for a new constitution. in a tv address to the nation, mr. morsi said changes maybe necessary. the document is too islamist and has rejected the call for...
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Dec 18, 2012
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there is now flows again from italy into spain. we're seeing in portugal yields are falling further. all in all, this is sending a general message that the risk premium are coming down and continue to be gradually reduced. >> and how much more momentum is there? we've been waiting for the forced hand on spain. but frankly, there's little sign of pressure right now. >> i fully agree. as long as this continues, the probability of spain moving into such a program is coming down. obviously, the big question out there is whether we will see this translate into some sort of better market position. but for a second leg down in substantial lower yields, you would want to see improving economic conditions in these countries and improving deficites and stabilization in debt to gdp ratios. and i think that is still a long way off. so i wouldn't be surprised if sentiment changes in the course of next year. but it doesn't seem to be something that will happen over the next one or two months. >> let's talk about next year. ing does ease systemic
there is now flows again from italy into spain. we're seeing in portugal yields are falling further. all in all, this is sending a general message that the risk premium are coming down and continue to be gradually reduced. >> and how much more momentum is there? we've been waiting for the forced hand on spain. but frankly, there's little sign of pressure right now. >> i fully agree. as long as this continues, the probability of spain moving into such a program is coming down....
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Dec 12, 2012
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that was the big discussion in italy yesterday. berlusconi says spreads, this is really just a scam. monty says we should care about spreads. want to bring in a third opinion. let's talk about bepo grillo, founder of the five-star movement. not a political party but a movement which benefits from voters' disenchantment with mr. berlusconi and mr. monty. he agrees with mr. berlusconi on one thing. he says spreads are all just based on speculation. >> translator: the spread is completely detached from the real economy. the spread is mental hallucination created by speculation in the banking sector because half of the italian debt is owned by foreign banks. these banks try to get high rate in order to earn more. so we are a victim of banking speculation, of both foreign and domestic banks. we shall detach from the real economy. we need to stop this vicious cycle of debt that is strangling us. >> reporter: many would argue it's the right time for mario monty to leave the political scene. would you agree? >> translator: he needs to disa
that was the big discussion in italy yesterday. berlusconi says spreads, this is really just a scam. monty says we should care about spreads. want to bring in a third opinion. let's talk about bepo grillo, founder of the five-star movement. not a political party but a movement which benefits from voters' disenchantment with mr. berlusconi and mr. monty. he agrees with mr. berlusconi on one thing. he says spreads are all just based on speculation. >> translator: the spread is completely...
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Dec 7, 2012
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there's also no political crisis in italy by the way. support has been withdrawn for the group run by monti. berlusconi hinted he may return to politics after stepping down last year. claudia joins us in milan. a number of reports suggested this may not upset investors too much just because we were going to have elections anyway, it doesn't bring it forward a lot earlier. is that the sense that you're getting? >> yes, it doesn't really change in terms of the timing. it just gives you an idea, though, of where berlusconi stands and what the situation is like within that central right next. the pdl has made it clear that there is a serious disagreement within the party. they were set to go forward with some primaries which is what the center left did to elect their candidate. and now that berlusconi has abruptly announced that he's going back, that tells you there is a lot of tension. he's trying to define the support, enough support in order to have some say in parliament even after the elections. an apparently he probably was not able to
there's also no political crisis in italy by the way. support has been withdrawn for the group run by monti. berlusconi hinted he may return to politics after stepping down last year. claudia joins us in milan. a number of reports suggested this may not upset investors too much just because we were going to have elections anyway, it doesn't bring it forward a lot earlier. is that the sense that you're getting? >> yes, it doesn't really change in terms of the timing. it just gives you an...
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Dec 3, 2012
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the big difference on this front between italy and spain is that italy has a big fall in redemptions next year when it takes off pressure for sly flex year. spain has the opposite problems, a rise next year. so it's technically done for this year and the reason it's funding is to take some of the pain away from next year. and again these options get done and it isn't a big drama. they do have to get digested. but the primary dealers do take the bontds down and i'll expect no difference different on wednesday. >> so for the moment, no pressure relatively speaking. and yet we're now looking at the downgrades for the bailout programs, as well. so how does that play into things? >> the downgrade announced overnight was as expected. this followed the downgrade to france last week by moody's. the fsf has taken the standpoint that they need to be a top rated agency, not necessarily aaa, but they could find a way to make themselves aaa, but they've decided to accept the rating of aa plus. it doesn't really change an awful lot. it wasn't a huge surprise. and as we go in next year, we'll have
the big difference on this front between italy and spain is that italy has a big fall in redemptions next year when it takes off pressure for sly flex year. spain has the opposite problems, a rise next year. so it's technically done for this year and the reason it's funding is to take some of the pain away from next year. and again these options get done and it isn't a big drama. they do have to get digested. but the primary dealers do take the bontds down and i'll expect no difference...
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Dec 21, 2012
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we're seeing a rotation into safety, out of risk and out of spain and italy. about 4.5% for italy. thin trading in markets is exacerbating the move that we're seeing as we approach the year. today, the austy dollar is weaker against the u.s. dollar by about .4%. proxy there for global growth prospects. the dollar/yen is weaker by about .25%. this as markets digest the news out of the boj and gauge whether they'll be successful in boosting inflation ultimately. the euro/dollar, 1.3221. so for trading in asia, just how japan, china and the rest have been affected by fiscal cliff news, diedra morris is join onning us with plenty more. hi. >> hey, kelly. it was a bit of a rude awaking. a lot of these indexes were on their way to gains and then we had the fiscal cliff setback. we had news that john boehner's plan b failed. this all turned red and this is where we ended. the nikkei 225 coming back from that huge rally that we have seen over the last five weeks shedding 1%. the exporters hurt here because the dollar/yen was lower. it has regained some ground in the last few hours or so. t
we're seeing a rotation into safety, out of risk and out of spain and italy. about 4.5% for italy. thin trading in markets is exacerbating the move that we're seeing as we approach the year. today, the austy dollar is weaker against the u.s. dollar by about .4%. proxy there for global growth prospects. the dollar/yen is weaker by about .25%. this as markets digest the news out of the boj and gauge whether they'll be successful in boosting inflation ultimately. the euro/dollar, 1.3221. so for...
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Dec 20, 2012
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spain, italy, moving higher, but not too much of a move there. 5.3%. and 4.4 for italy. now, forex rates, the euro/dollar and the yen has been in focus still in the last several trading sessions and that continues today. 1.3230 is the level. the yen, though, is giving back about .5% after the bank of japan's quantitative easing plans, pretty much flecting a buy the rumor, sell the fact move. now, house republicans plan to bring their tax bill to a floor vote today. this as tensions over the white house over the fiscal cliff have started to rise. it's unclear what the bill, known as plan b, will look like. house speaker john boehner has reportedly added spending cuts to convince members it will be worth the vote. president obama has threatened to veto the bill. the president says he's puzzled by what's holding up budget talkes and that house republicans should stop trying to score a point against him. >> take the deal. you know, they will be able to claim that they have worked with me over the last two years to reduce the deficit more than any other deficit reduction pack
spain, italy, moving higher, but not too much of a move there. 5.3%. and 4.4 for italy. now, forex rates, the euro/dollar and the yen has been in focus still in the last several trading sessions and that continues today. 1.3230 is the level. the yen, though, is giving back about .5% after the bank of japan's quantitative easing plans, pretty much flecting a buy the rumor, sell the fact move. now, house republicans plan to bring their tax bill to a floor vote today. this as tensions over the...
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Dec 4, 2012
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italy for example is still very clean. so it depends. >> other news we're following, a bomb has exploded in the offices of golden dawn early this morning. police sources have told reuters there was damage caused to the building in an athens suburb, but no casualties. >>> and in the states the white house and top democrats are dismissing the budget proposal put forward by republicans saying it doesn't address the president's pledge to hike taxes on the wealthy. the plan includes $800 billion in new tax revenues by cutting loopholes and deductions, but leaves the bush era tax cuts in place for everyone. that's half of what the president has proposed. it also cut $1.2 trillion in mandatory and discretionary spending. the republican plan includes $600 billion in entitlement savings and raising the eligibility age for medicare and changing how cost of living increases are calculated for social security. white house officials say the two sides will continue to negotiate ways to avoid the year end fiscal cliff. >>> and president
italy for example is still very clean. so it depends. >> other news we're following, a bomb has exploded in the offices of golden dawn early this morning. police sources have told reuters there was damage caused to the building in an athens suburb, but no casualties. >>> and in the states the white house and top democrats are dismissing the budget proposal put forward by republicans saying it doesn't address the president's pledge to hike taxes on the wealthy. the plan includes...
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Dec 14, 2012
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down with the euro and italy has to walk its own way. that is not something that we would like to hear in the eu eurozone or in berlin. >> silvia, thank you so much for your time. >>> now, a weak ahead of the person of the year, the winner, north korean leader kim jong un. the magazine didn't admit that various online campaigns were at work to influence the vote. not necessarily a legitimate tell on who readers would like to see as person of the year. so we're going to cast our own poll on "worldwide exchange." who is your pick for person of the year? e-mails us here, tweet us. i think ross westgate gets my nod. we'll see if maybe he comes out ahead in our unofficial reader poll. staying on that topic, the financial times has named its person of the year. we'll tell you who it is and talk to the newspaper's editor when we come back. can i help you? i heard you guys can ship ground for less than the ups store. that's right. i've learned the only way to get a holiday deal is to camp out. you know we've been open all night. is this a trick
down with the euro and italy has to walk its own way. that is not something that we would like to hear in the eu eurozone or in berlin. >> silvia, thank you so much for your time. >>> now, a weak ahead of the person of the year, the winner, north korean leader kim jong un. the magazine didn't admit that various online campaigns were at work to influence the vote. not necessarily a legitimate tell on who readers would like to see as person of the year. so we're going to cast our...
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Dec 17, 2012
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italy is coming in. again, we'll keep an eye for my comments from mario monti throughout the day. >> the market is focused on the yen. it's been weaker across the board today. the yen has been down for the lowest in a year against the greenback. we hit 84.48. it's pulled back from that. sterling/dollar is steady at 1.6185. plenty of focus on the dollar and continuing ongoing fiscal cliff discussions. meanwhile, in china, leaders there have wrapped up their weekend of economic plan, a list of must-dos next year. also across expectations of any big stimulus, much like the $600,000 boost that we got in 2009. eunice is with us once again from beijing. hi, eunice. sum it up for us. >> well, i would say that we saw a lot of bright moves, a lot of brush strokes, but nothing in terms of specifics. for the most part, the policymakers were saying all the right things. they were saying they hope to see more economic reforms, that they hope to see more in terms of a shift in terms of, you know, moving the economy aw
italy is coming in. again, we'll keep an eye for my comments from mario monti throughout the day. >> the market is focused on the yen. it's been weaker across the board today. the yen has been down for the lowest in a year against the greenback. we hit 84.48. it's pulled back from that. sterling/dollar is steady at 1.6185. plenty of focus on the dollar and continuing ongoing fiscal cliff discussions. meanwhile, in china, leaders there have wrapped up their weekend of economic plan, a list...
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Dec 31, 2012
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italy around the 4.5% level. we've seen these predominant for several weeks and likely a quick check on forrus. the yen, an important one to keep an eye on, as well. dollar/yen firmer, continuing the patterns that we've seen over the last couple of trading sessions. for more on what to expect from markets today, we're joined by chris meyer, managing director and chief strategist from loop capital markets. chris, good morning. we wake up without a deal. what does that mean? what are you watching today? >> good morning, kelly. the thing i'm watching most specifically is the vix. i think the vix is the most distilled measure of risk that we have in the marketplace right now. we've noticed that the vix has gone from a fairly low range of 12 to 14. we're up over 20 now, which to me is an area of concern. if we begin to move higher, once again, i think we should watch out for market-based effects. >> we have, as you mentioned, started to see that outperformer. it's interesting in a year when the vix is tamed we haven't
italy around the 4.5% level. we've seen these predominant for several weeks and likely a quick check on forrus. the yen, an important one to keep an eye on, as well. dollar/yen firmer, continuing the patterns that we've seen over the last couple of trading sessions. for more on what to expect from markets today, we're joined by chris meyer, managing director and chief strategist from loop capital markets. chris, good morning. we wake up without a deal. what does that mean? what are you watching...
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Dec 5, 2012
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though there are problems in some territories in europe like italy and spain, greece, of course. there are other strong markets. again, this is a reason why china and russia and brazil and india have become so important at the global scenario. >> okay, we wish you all the best. have a great few days there in singapore. >>> the british chancellor executive george osborne is giving his autumn statement today. the chancellor has already dropped big hints about what we can expect. katie barnfield has gone up to man chester to see how the government's economic mandate is really playing well. >> reporter: earlier this week, the chancellor george osborne warned that although the uk's economic recovery will take longer than planned, it would be catastrophic if he put down his austerity measures now. but it is a catastrophe already here? manchester looks like a thriving city. but with the surrounding areas home to some of the most economically disadvantaged parts of the uk. rows of shops stand unused and the number of people claiming benefits has risen almost 70% since 2008. the uk's oppo
though there are problems in some territories in europe like italy and spain, greece, of course. there are other strong markets. again, this is a reason why china and russia and brazil and india have become so important at the global scenario. >> okay, we wish you all the best. have a great few days there in singapore. >>> the british chancellor executive george osborne is giving his autumn statement today. the chancellor has already dropped big hints about what we can expect....